Titoli di Risparmio per l’Economia Meridionale – Bonds for the Southern Italy

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On February 3rd 2012, the Decree signed by Minister of Economy and Finance making the Bonds for the Southern Italy (Titoli di Risparmio per l’Economia Meridionale) fully enforceable is going to be published on the Official Journal. The Bonds were introduced by Article 2, paragraphs 178-180 of the Law 23 December 2009, n. 191, as modified by Article 8, paragraph 4 of the Decree n. 70 13 May 2011.

The Bonds for the Southern Italy may be issued by any bank. They have been introduced in order to foster the increase of credit supply in the Italian Mezzogiorno and reduce the existing development gap between Southern Regions and other areas of the Country. The aim is to attract additional resources to support the long term development of Mezzogiorno SMEs’.

The tax rate on interest accrued is equal to 5%, which is the lowest in the Italian fiscal system. The resources raised will be employed to finance Mezzogiorno SMEs’ investment projects that are longer than 18 months.